US weekly jobless claims rise to 742,000, more than economist forecasts as labor-market rebound falters
- New US
jobless claimsfor the week that ended Saturday totaled 742,000, the Labor Department said Thursday. The reading came in above the consensus economist estimate of 700,000 and showed an increase from the previous week's revised figure.
- Continuing claims, which track Americans receiving
unemploymentbenefits, decreased to 6.37 million for the week that ended November 7. The reading came in slightly below economist estimates.
The number of filings for US unemployment benefits increased last week, missing economist expectations that foresaw a decline. The latest figures suggest the ongoing labor-market recovery is faltering.
Last week's report yielded a larger-than-expected drop in claims. The now-revised total came in well below the consensus estimate of 731,000. Until this most recent batch of data, filings had steadily fallen closer to pandemic lows as hiring continues amid a surge in COVID-19 cases.More than 68 million filings for unemployment insurance have now been made since the pandemic froze US economic activity in March. That handily exceeds the 37 million filings made during the 18-month Great Recession. Though filings have declined significantly from spring levels, they still surpass the 665,000 filings made during the worst week of the prior recession.
The labor market's latest step toward a full recovery arrives as the number of COVID-19 cases recorded each day surges to fresh records and states across the US consider adopting strict restrictions. The country reported 163,975 new cases on Wednesday, according to The COVID Tracking Project. That's the second-highest daily addition on record.Read more: 30 years old with more than 1,400 units developed: Here's how Evan Holladay is filling a unique multifamily real-estate niche with an under-the-radar strategy Many cities have already implemented new restrictions meant to curb the virus' spread. New York City on Wednesday announced plans to close schools and move to online learning.
Some of the new restrictions have observers fearing another economic downturn. Should the US face a double-dip recession, it's poised to do so without the fiscal support seen in the spring. The White House has bowed out of stimulus negotiations and punted to Senate Majority Leader Mitch McConnell to reach a deal. But Democrats and Republicans remain more than a trillion dollars apart with their proposals, hurting chances of a near-term compromise.
If Congress fails to pass a new spending bill before the year is out, the expiration of two unemployment-insurance programs and the federal eviction moratorium would most likely exacerbate the economic pain felt by jobless Americans.Read more: RBC says buy these 25 healthcare-tech stocks to reap the benefits of the US digital health industry, which has been accelerated by 5 years because of COVID-19
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